On Monday, Sept. 25, the Monticello City Council approved a preliminary 2024 city tax levy of $13,134,000. This is a 9% increase from the city tax levy in 2023. The majority of the tax levy goes into the City’s General Fund. This fund supports many of the basic functions of local government, including public safety, snow and ice removal, planning and zoning, and more. While evaluating the budget for next year, the City Council considered the rising cost for local law enforcement, the administration of three elections in 2024, and the maintenance needs for assets like the local pathways.
The preliminary levy also included an allocation for the fund used to finance larger projects. In 2024, this will include completing the Downtown Roadway and Pedestrian Improvements, the city contribution to the Wright County pavement project on East Broadway, and intersection improvements on School Boulevard.
Funding for Minnesota cities is reliant on property taxes. However, Monticello frequently seeks other funding sources, including state and federal grants, to limit greater impact on local taxpayers. In 2024, this will include use of the local public safety aid granted by the MN legislature.
The decision by the City Council on Monday night included the part of local property taxes they can control: the size of the levy. There are other factors that influence changes in a property tax bill, including any changes to the property value.
Residents will have an opportunity to speak about the proposed tax levy and voice their opinions to City Council at the Truth-in-Taxation Public Hearing on Monday, December 11, 2023 during the regular Council meeting at 6:30 p.m. Following the public hearing, the City Council will adopt the final 2024 property tax levy and 2024 budget.